Jasa Marga and PT Pembangunan Perumahan (PTPP) will work together to form a subsidiary in the property sector and still looking for another private company to join the venture, which scheduled to be formed in semester II- 2010. Both companies have prepared funds of Rp100bn for initial capital.
The new subsidiary will focus in housing and office property and will start the operation in Sidoarjo, East Java, near with JSMR’s toll road. We see that the plan will provide added value for JSMR due to increasing property prices in the region through which the highway. We still maintain BUY on JSMR, currently trades at P/E’10 of 8.9x and PBV10 of 1.5x.
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